Saudi-listed Yamama Cement Company is exploring the potential development of its old factory land in south Riyadh into a
city dedicated to clean industries and logistic services, a local media report said.
 
“Once we obtain the necessary regulatory approvals, we will provide further details,” CEO Jehad Al-Rasheed told Argaam, an Arabic financial website.
 
The 4.71 million square metre-land plot has a book value at SAR 1 per square metre. The company opened a new 6 billion Saudi riyals ($1.6 billion) plant in Al-Kharj with a production capacity of 20,000 tonnes of clinker per day, it said in a statement to Tadawul on Thursday.

Al-Rasheed stated that the new plant employs the latest global technologies to ensure industrial processes align with environmentally
friendly standards.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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